PVH Corp., which owns Tommy Hilfiger and Calvin Klein, has finally confirmed the sale of Speedo North America to Pentland Group for US $ 170 million. This is subject to a working capital adjustment.
Speedo International licenses the Speedo trademark to a PVH subsidiary for perpetual use in North America and the Caribbean.
However, the transaction in all probability will end in Q1 of PVH’s fiscal 2020 year, subject to customary closing conditions, including regulatory approval.
Talking about the announcement, Emanuel Chirico, Chairman and Chief Executive, PVH Corp., said “The strategic announcement aligns with PVH’s goal to optimise and streamline its Heritage Brands business in the ever-evolving retail environment and focus on delivering sustainable profitable growth of its global brands, Calvin Klein and Tommy Hilfiger.”
Emanuel expressed delight and said that Pentland Group is best positioned to capture the full potential of the iconic Speedo brand.
Andy Long, Chief Executive, Pentland Group’s Pentland Brands division, averred “We have had a great partnership with PVH and they’ve done an incredible job in raising the profile of the Speedo brand and growing the business in North America during their time as licensee.”